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cut spending and we did, we cut $900 billion in spending that he can't like painful tos us. >> we'll continue our call to rise bol politics and make a deal. oufr guests this morning include mike jackson and also david zaslav. and the head of maris group. and douglas holtz-eakin. >> let's talk about eurozone finance ministers meeting to discuss whether to release a new tranche of fund to go greece. the leaders are not expected it to okay the funding despite greece approving a tough 2013 budget. we'll have more from ross westgate in london on all of that. japan's economy shrank, first contraction since last year. the data adding to signs of slowing global growth and tensions with china nudging the which i into recession. and yen minute's main oil export pipeline shut after it was blown up in two pieces. local news organizations didn't identify the attackers, but they've been repeatedly sabotaged. finally, iran launched a military drill across half of the country today. government warning it would act again against aggressors. >> where is your jacket? >> i decided in high spirit of r
. u.s. equity futures should be interesting to look at temperature basically on hold. not sure what to do after yesterday. we'll talk more about the economy in a minute with david rosenburg. it was pretty clear yesterday that depending on how you wanted to spin it, could you say how do you do for another four years. i don't remember any euro news in the last six months no matter how bad it was, we didn't get it free handle. so there's more to it than just europe. >> it was the fiscal cliff, but also the financials got hit so hard. if it had been romney, the cliff would be less of a deal because they would stepped all of them. so now we know and we lettered it first hand yesterday. boehner said we're open to tax increase, but part of a bigger plan that involves spending cuts. dove did a bungee -- >> worst thing i ever did. >> but it goes down and then right back up. >> the worst part is you feel like you're connected on something, but don't. it's a free fall until the very he said and then he start to feel like i'm connected to something and it throws being back into the air. >> my q
adp employment report. mark zandi will deliver the report to us first on cnbc. let's get over to andrew with more of today's top stories. >> joe, i think actually we're going to go and talk to mary thompson. as new jersey begins to recover, gas lines are growing. mary thompson is on the new jersey turnpike this morning. mary, good to see you. but there's been a lot of lines and a lot of people talking about this. >> reporter: yeah, very frustrating situation. take a look behind me, you can see the line at the vince lombardi station. and what you can't see is that it stretches down just about a half a mile to the entrance to this rest stop. our cameraman waited in line to get gasoline, he said it took him about 25 minutes. and brian sullivan drove past it yesterday and said the line was at least 200 cars deep. similar scenes like there are being played out all over new jersey as well as long island. residents driving across state lines to find gas, others expressing increasing frustration with the situation. >> impossible. can't get it. and we have no lights on, so i have to ge
kate kelly will join us from new jersey in just a moment. also among our guests, john ike burger of the national association of convenience stores. his members sell 80% of all the gasoline in the united states. now making the cleanup and recovery even more difficult, we have forecasters warning that a harsh nor'easter is on the way. we'll have a live report from the weather chan nenel in 20 minutes. amid all the problems is tomorrow is election day. the candidates are making a final push in six swing states. the latest poll shows the race is in a dead heat. barely favoring the president in most cases. reuters is reporting similar margins in florida, virginia, colorado and ohio. >> governor romney has been having a tough time here in ohio because everybody knows he was against saving the auto industry. you don't scare people just to scare up some votes. >> i can't wait for us to get started. he's hoping we'll settle. americans don't settle. we build, we aspire, we dream, we listen to that voice that says we can do better. >> john harwood will join us with more. and then we'll focu
year. courtney reagan's been tracking the numbers and she will join us with the details. also veteran retail analyst dana telsey will join us with her take. and coming up at 6:40, com score gives us a forecast for cyber monday sales. we of course continue to watch the fiscal cliff count down. lawmakers have been trying to convince the naub they are willing to compromise. they return to capitol hill today. >> everything should be on the table. >> bring entitlement reform into the conversation. >> a group of corporate executives are calling on congress to rise above partisan politics to try to find some sort of a solution. we have a lot to talk about with gleg brown and we'll start that in just a moment, but first over to andrew. >>> finance ministers are trying to unfreeze the second bailout package for greece, but first they must agree on how to cut massive debt to a more sustainable level. we'll head to london for details on that. and playing down a deal talk, tom joyce saying his country's currently if talks with at least two firms on a possible sale of its largest business unit. bu
forces claiming to have targeted 100 gaza sites. the u.s. secretary of state hillary clinton is on her way to the middle east for talks with officials in a bid to try to end the deadly crisis. we've been watching oil prices, as well. and after sharp gains yesterday, you can see oil prices pulling back about 27 cents, still just about $89 for wti crude. we will have a live report from our nbc colleagues on the ground in the middle east coming up in the next half hour. >>> let's talk about some of the main market events of the morning. actually today fed chairman ben bernanke's speech at the economics sclub of new york is coming up at 12:15 eastern time. traders will be listening no any comments on the central bank's operation twist program and discussions about changing how the fed communicates about interest rates. operation twist expires next month. and there is some speculation the fed will continue making asset purchases by expanding the size of its $40 billion a month quantitate of it easing program. also on the economic agenda today, october housing starts released at 8:30 a.m. an
today. also, the ceo of mellon will be joining us to talk about the markets. as we've been talking about, the biggest issue for the markets right now seems to be the uncertainty surrounding the fiscal cliff. yesterday business leaders urged president obama and lawmakers to prevent a year end across board tax rise that will go into act unless congress acts. >> he understands it requires a combination of tax increases and title refor and discretionary spending cuts that dnl democrats and republicans have to work together. i'm is sure there will be a lot of forth and back between republicans and democrats, the congress and the president as they start to work their way to a deal. but i'd say there's strong recognition of the significant of getting a deal for the ben fft t benefit of the american public. >> this is all about trying to make american business more competitive, trying to have a fair balanced approach to tax refo reform. the president was clear he wants a balanced approach and we were clear we are behind him. >> top the president and top member of congress will be meeting. cnbc i
markets closing at 1:00 p.m. eastern on friday. take a look at the u.s. equity futures. the dow is down by about 3 points. the s&p 500 is off by four. the nasdaq down by about 12. because of tomorrow's holiday, you do have the labor department coming out, releasing its weekly jobless claims numbers today. we get them a day early instead of a day late. also today we'll be getting weekly mortgage rates. and freddie mac will report on the weekly mortgage rate averages as well. >> let's talk about the top global market story this morning. it is greece's international lenders, which did not reach a deal, and now they won't be releasing that next bailout payment. nearly 12 hours of talks failed to reach a consensus. the imf and the central bank all going to gather again on monday to try again, but this is not necessarily good news at all. hostess brands will proceed with a plan to go out of business. the maker of twinkies says last-minute talks with the striking workers broke down yesterday, hearing with a bankruptcy judge set for 11:00 eastern time. then we have another string of bad news. >
of the u.s. economy. it's tuesday, november 6th, election day, 2012. "squawk box" begins right now. >>> good morning. welcome to "squawk box." i'm becky quick along with joe kernen and andrew ross sorkin and the polls are opening in various parts of the east coast as we speak. some 30 million americans have already voted, including the folks in the tiny village of dixville notch. this follows tradition, they voted just after midnight and with the lowest turnout in almost 50 years, this time around it was a tie. five votes for president obama, five for governor romney. back in 2008, president obama defeated john mccain 16-5. let's take a look at the map. 270 electoral votes are needed to win. nbc news now shows president obama with 237 likely. romney 206. and 95 in the toss-up column, so it is going to be a very long evening, andrew. >> i think we'll be staying up pretty late and then we'll be back at it tomorrow morning. but cnbc's team of reporters has the country covered this morning. stationed in battleground states, campaign headquarters and here at election central. among our
% in the last year. we have cnbc tech reporter jon fortt will join us in a little whirl with more on the story at 7:00. and the new york stock exchange anticipate as normal session today after trading in more than 200 stocks were suspended yesterday due to a technical problem with a server. stocks in question continued trading in other markets. and a little goldman sachs news. they will reportedly tap the smallest nuch executives in more than a decade to join it highly coveted partnership ranks. goldman exacted to announce the promotion of only about 70 employees to partner. roughly one third less than knows named back in 2010. >> did your buddy make it? i have to explain as -- greg smith didn't make it? >> no, he did not. >> are you sure he wasn't on the list? >> he was not on the list. i think that's one of the reasons he ended up writing that book. i believe he made have made more money writing that book than some partners made this year. >> you checked, he is definitely on the -- >> pretty confident he's not. best headline of the day goes to the daily news. in the line of booty. i didn't g
u.s. equity futures are down by about 21 points. s&p off by 3 1/2. and as we've been talking about daily, the looming fiscal cliff is a big piece of the market story. today barack obama is officially kicking off budget negotiations. at issue is a one-two punch. we have expiring bush era tax cuts and across the board spending cuts both set to hit in january. simpson and bowles with a warning to washington about what's at stake. >> if we get over on the cliff, we don't have a deal, and the market doesn't anticipate that we're actually going to be so stupid as to go over the cliff, then i think you'll see the market really crash and i think you'll see the rating agencies downgrade our credit again, you'll see fitch and moody's join s&p. i think you'll see corporations lose confidence. you'll see them slow down hiring, stop capital xebd churs, capital will go on on strike, it will be a hell of a mess. >> leaders of both parties think it would be to their advantage to go off the fiscal cliff. what a 12 straight that is, that we could win more as democrats if we let it go or we can win m
, the american people, reminded us that while our road has been hard, while our journey has been long, we have picked ourselves up. we have fought our way back, and we know in our hearts that for the united states of america, the best is yet to come. >> we have left everything on our field. we have given our all to this campaign. i so wish that i had been able to fulfill your hopes to lead the country in a different direction. but the nation chose another leader. and so ann and i join with you to earnestly pray for him and for this great nation. >> investors say they've been waiting for this answer for months, after uncertainty that's been hanging over the markets. but what will the status quo in washington mean for stocks, bonds, currencies, and commod y commodities, and qe-3. but there's still the issues of that fiscal cliff. this morning, we're calling on leaders to solve this, to rise above partisan politics and come together to find a solution and save the u.s. economy from going down a dangerous road. it is wednesday, november 7th, the day after and a special early presentation of "squa
. >>> then coming up at 8:00 eastern time, we'll be joined by weren buffett. he'll be joining us with carol lumis. let's get over to andrew, he has this morning's other top headlines. >> good morning to you, becky. the obama administration saying that china's currency remains significantly undervalued, but the u.s. treasury department is now stopping short of labeling the world's second biggest economy a currency manipulator. the white house is expected now to send the congress a multi-billion-dollar request on the recovery from superstorm sandy. the storm caused an estimated $71 billion in damages in new york and new jersey, and some congressional aides saying the request for funding would likely be at least $11 billion. the move comes as canada gets close to its decision on whether to approve the transaction. the energy companies say discussions with the committee are still in progress, and of course they had to file approval because they have extensive operations in the u.s. gulf of mexico. >>> "the wall street journal" reporting that virtue is emerging as the frontrunner to buy knight capital
that hasn't happened since october 2011. u.s. equity futures at this hour actually higher. up by about 65 for the dow, s&p more than 7, and as joe mentioned, the fiscal cliff is still the focus. today treasury secretary tim geithner will be meeting with congressional leaders. first harry reid at about 10:00 and then followed by a session with john boehner, eric cantor, paul ryan and chairman of the house's tax writing ways and means committee dave camp. also lunch with republican senate minority leader mitch mcconnell and nancy pelosi. yesterday a number of high profile corporate leaders met with president obama at the white house, including lloyd blankfein. >> both sides have acknowledge there had is revenue concessions and entitlement concessions. in fact if you listen to it, again, i'm not a master of the political art here, but i would say if you have these point of views in a business context, i would say a deal would be in reach. >> among our guests this morning, we have ron johnson. at the white house today, president obama will host mitt romney for a private lunch. it's their firs
us for the report. and then we'll get reaction from the romney campaign with ron hubbard. that's at 8:40 eastern time. obviously a lot on our plates today. andrew, i'll send it over to you. >> the coast guard opening the port of new york new jersey on a restricted basis today allowing the backlog of barges containing gasoline and fuel into the area for the first time. how soon, however, will we see relief in the area impacted by sandy? that's the big question this morning. joe knows this very well, on my way in today, i had to take a taxicab for $125 because jeeves was this line to get gas, he was out of gas. >> i tried to take a car, my guy who i call -- he is not, but he nights as well be a former -- he has never failed. on on tuesday he came. and there have been snowstorms in the past where we've gone off the road, around, jack moved tractor trailers to get here's couldn't get gas. and so then i had to use -- i had a certain amount left in reserve. my gas tank is locked because people are siphoning now. >> it happened to one of our producers. >> there are people with guns. first 12
this morning's top stories. >>> good morning. we have a big day ahead of us. and the fiscal cliff conversation begins today. president obama will be making a statement on the economy. he'll speak from the east room of the white house at 1:05 eastern time. you can of course catch all of it right here on cnbc. john boehner is also scheduled to hold a you news conference today, as well. st. louis fed president james bullard is saying the u.s. economy is strengthening. but he's cautioning that leaders must tackle the looming fiscal cliff. a conversation we can't get away from. speaking in missouri yesterday, bullard also says he doubts the central bank will extend a bond maturity extension program that expires at the end of the year. bullard is not currently a voting member, but he will ebb in 2013. and china's national congress continues with new leaders for the communist party set to be named later this morning. today a rising star said the party is moving towards requiring officials to their their assets. so an interesting piece in the chinese business press this morning. >> we have been talkin
've written -- you've tried, you've tried hard, your other book was hcapitalism will save us if we let it. why flee markets are moral. and big government isn't. you sat down and said i guess the battle will continue because this last election no one read those books, i guess. they must have, but not enough people obviously. you didn't give them away. maybe that's why. but the one thing that -- >> i offered it to the romney camp, but they didn't take it. >> we tried to get romney on here a bunch of times. don't get me started on people that ran that campaign for him. but you were looking for one silver lining when you sat down and all you could come up with was that there are some governors that might not implement the exchanges for obamacare. is that the one thing you're positive about this morning in. >> short term we'll have a lot of turbulence and no small part because the federal reserve is still out to trash the dollar. europe, all the european countries are raising taxes. japan's raising taxes. we're going to raise taxes. just a matter of how much. so we'll have rough sledding next year.
. blankfein writes "there is more than a trillion dollars of cash sitting on balance sheets of u.s. non-financial companies. certain will increase their capital expenditures currently at anemic levels, contributing to a virtuous cycle of jobs and growth." minimizing increases in marginal rates that could stifle risk taking and robust growth. he also stresses the importance of restoring confidence in public finance by implementing spending cuts and revenue increases. in the meantime, dallas fed president richard fisher tells cnbc that the central bank can't do much more to shelter the economy. >> we need to completely reboot tax policy and spending policy. if we have temporary fixes to the fiscal cliff, just push out the envelope of indecision until we have a sense of true direction, and it's time for our politicians to get their act together. >> fisher says he does not view the fed as a safety net. that is certainly a change of perception, one that congress is going to have to figure out pretty quickly along with the rest of washington. >> that it is. there's been a number of interviews
over. he used geithner's political capital which i think was a mistake for geithner. >> he's leaving. >> but it's like using -- >> going back to goldman. >> where he started. >> where he cut his teeth. >> like using a pitcher because you don't care about his arm at the end of the season. so you threw him out there and you send him over with -- and you also let the republicans characterize the plan. which from a pr standpoint i don't think was that smart. so i think they blew that one. but ultimately it strikes knee obama did not suggest, you know whark what, i want to get it done quickly. >> people supposedly knew or that act like they know what the pinl deal will look like is like they gotting withed down at 800 last year. so the president is starting at 1.6. so they'll end up between a trillion and 1.2. anything close a trillion would be seen as boehner prevailing a little bit because he only had to go up 200 billion and anything closer to 1.2 or -- would be a win -- >> i think the big question is what happens to entitlements, too. what do you put on the table for that. >> the diff
more for us from london in a few minutes. >>> back here in the united states, the house returns from its thanksgiving break today. the senate was back yesterday. meantime today president obama will be meeting with small business leaders. at issue of course is the series of tax increases and spending cuts that kick in at the end of the year if congress doesn't act. >> there will come a point in time where we can't borrow anymore money and interest rates will sky rocket. >> cnbc's raise above campaign continues. we're asking who has the courage to rise above partisan politics and find a solution. among our guests, three men who understand washington, wall street and corporate america very well. we have the chairman of president george w. bush's council of economic adviser, ed lazear, roger altman, and real estate tycoon don peebles. but let's cover this morning's top headlines. >>> we do have a lot in the corporate headlines this morning including equity residential and avalon bay communities agreeing to buy archstone from lehman brothers holdings. the price tag, about $6.5 billion in
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